AppFolio, Inc. vs Instructure Holdings, Inc.
Side-by-Side SaaS Metrics & Valuation Comparison
analyticsVertical SaaS
Data as of Q2 2026
Summary Verdict
APPF: 4—INST: 1wins
Rule of 40
40.6APPF
-14.4INST
check_circleAPPF leads
Revenue Growth
29.5%APPF
33.4%INST
check_circleINST leads
Gross Margin
87%APPF
65%INST
check_circleAPPF leads
FCF Margin
11.2%APPF
-47.8%INST
check_circleAPPF leads
Operating Margin
17.4%APPF
-2.3%INST
check_circleAPPF leads
NRR
—APPF
—INST
Metric
Rule of 40Efficiency score
APPF
40.6check_circle
INST
-14.4
Revenue GrowthYoY
APPF
29.5%
INST
33.4%check_circle
Gross Margin% of revenue
APPF
87%check_circle
INST
65%
FCF MarginFree cash flow
APPF
11.2%check_circle
INST
-47.8%
Operating MarginGAAP
APPF
17.4%check_circle
INST
-2.3%
NRRNet retention
APPF
N/A
INST
N/A
EV / RevenueValuation multiple
APPF
7.5x
INST
5.9xcheck_circle
Market CapUSD
APPF
$7.7Bcheck_circle
INST
$3.5B
ARR GrowthYoY
APPF
N/A
INST
N/A
CAC PaybackMonths to recover
APPF
N/A
INST
N/A
insights
Analysis
As of Q2 2026, AppFolio, Inc. trades at 7.5x EV/Revenue versus Instructure Holdings, Inc. at 5.9x. On the Rule of 40, AppFolio, Inc. scores 40.6 compared to Instructure Holdings, Inc.'s -14.4, placing AppFolio, Inc. ahead in operating efficiency. Gross margins stand at AppFolio, Inc. 87% vs Instructure Holdings, Inc. 65%.
Sector Context
Both companies operate in the Vertical SaaS sector. The median columns above show where each company stands relative to their peers.